Mr Tony Shepherd, Chairman of the ERG Group, today announced that the UK Government has conditionally approved funding for the smart card based fare collection system across South and West Yorkshire known as “Yorcard”.
ERG announced on 6 October 2003 that its associated company, Prepayment Cards Limited (PCL), had been selected as the preferred proponent for the Yorcard project, and at that stage a decision by the UK Government on funding was pending. The project is estimated to be worth £25 million (A$59 million) and is expected to rollout in 2005.
PCL is in the process of finalising contracts for the Yorcard project.
Mr Shepherd remains confident ERG will increase its shareholding in PCL from 47% to 55% before the finalisation of the Yorcard contracts. The remaining shareholding in PCL is held by Stagecoach Holdings PLC, First Group PLC and National Express Group PLC – the three largest transit operators in the UK. Accordingly, it is anticipated ERG will account for PCL on a consolidated basis.
The ERG Group is a world leader in the development and supply of integrated fare management and software systems for the transit industry, and for its smart card systems and services. The Group has installed systems in major cities throughout the world including Hong Kong, Melbourne, Rome, San Francisco and Singapore with installations in progress in Gothenburg, Seattle, Stockholm, Sydney and Washington DC. ERG has delivered systems that support more than 20 million smart cards in circulation and handle approximately 5 billion transactions per annum. ERG is an Australian-based company, listed on the Australian Stock Exchange and employs 800 people in 11 countries.